Denmark’s external trade surplus recorded a significant increase in December 2023. The total trade surplus increased to DKK 32.8 billion from DKK 27.7 billion in November. This surge was mainly due to the increase in exports outpacing the increase in imports. Specifically, exports increased by 3.4% month-on-month, while imports increased by only 0.5%.
Goods trade surplus also increases
The merchandise trade surplus also increased, increasing from DKK 19.2 billion to DKK 19.9 billion. This was the result of a 3.6% increase in both imports and exports of goods. Meanwhile, the trade surplus in services increased significantly from DKK 8.5 billion in November to DKK 12.9 billion in December. This jump is due to his 3.2% increase in services exports and his 3.6% decline in services imports.
Current account surplus also improved
Denmark’s current account surplus also improved, reaching DKK 36.3 billion in December, up from DKK 31.2 billion in the previous month. This was the largest current account surplus since August 2022. The services surplus widened to DKK 12.9 billion, and the goods surplus increased slightly to DKK 19.9 billion. However, the primary income surplus shrank to DKK 5.9 billion, and the secondary income deficit decreased to DKK 2.4 billion.
Overall trade surplus will decline in 2023
Despite positive developments in December, the overall trade surplus in 2023 decreased to DKK 271.3 billion from DKK 314.2 billion in 2022. Similarly, the current account surplus in 2023 decreased compared to the previous year to DKK 310.7 billion. These numbers highlight the complexity and variability inherent in domestic and international trade.